Contractor Insurance in New Mexico
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Do New Mexico general contractors need insurance?
Construction is among the biggest sectors in The Land of Enchantment. Over 12,540 people work in this industry. New Mexico contractors may benefit from contractor insurance.
Construction sites are dangerous places to be. Small businesses could be facing an issue with liability in the event of a minor accident, regardless of whether it’s in a commercial or residential project. Contractor insurance safeguards New Mexico businesses from costly accidents, unexpected delays and other common issues.
Contractor insurance refers to different types insurance which a general contractor may consider.
- General Liability
- Business Owner’s Policy
- Workers’ Compensation
BizInsure provides insurance for contractors in New Mexico.
Who needs contractor insurance in New Mexico?
Contractors typically buy insurance policies to safeguard their personal and business finances. General Liability, and other insurance policies can be a vital safety net for your business.
It is possible that specific kinds of insurance are required to conduct business with a specific client (a condition that is usually stipulated in contracts for business).
Click on your occupation to learn about the insurance options available to you. It is also possible to get started on with a customized quote.
What insurance policies do contractors need in New Mexico?
New Mexico contractors often look at several different types of insurance. These insurance policies can help you manage the risks that are common to general contractors working on their jobs.
General Liability insurance
Construction sites are a place where anything could happen. Your business could suffer from an innocent action, like placing your equipment in the wrong place.
Also referred to as Commercial General Liability (CGL) or “slip and fall coverage”, General Liability insurance can protect your business against bodily injury or property damage lawsuits from outside parties.
New Mexico General Liability insurance safeguards your financial security by covering legal costs if someone claims that you caused injury to them or damage to their property. It also pays to remedy the issue (up to the policy limits) through the payment of medical bills repairs, costs for repair, or replacement costs.
Business Owner’s Policy
When you are in the construction business it isn’t always smoothly. Incomplete projects, broken instruments and other problems could make it difficult to meet your deadlines.
A Business Owner’s Policy (BOP) is a combination of policies, combining covers such as General Liability insurance and business personal property coverage, to help protect small businesses from costly interruptions to service.
BOPs can be tailored to meet the requirements of your company. This can be a convenient, affordable way to cover yourself against the many risks that contractors face.
Workers’ Compensation Insurance
You have a obligation to look after employees’ health and welfare while they are working.
Workers’ Compensation insurance protects your company and its employees. If any of your employees get injured at work or are ill, this type of insurance will cover their medical bills. It will also cover some of their lost income if they’re unable to work because of the injury, as well as rehabilitation or physical therapy to transition the employee back into the workplace.
New Mexico law requires businesses with three or more full-time or part-time employees carry Workers’ Compensation insurance. If you are in construction, you must have Workers’ Compensation coverage even if you have only one employee.
What does contractor insurance cover in New Mexico?
Contractor insurance can safeguard your business from various risks. Based on the type of insurance you select, your business may be covered for:
- Claim for injury and property damage to third parties (General Liability)
- Unexpected Business Interruptions (Business Owner’s Policy)
- Equipment breakdown (Business Owner’s Policy)
- Workplace accidents and illnesses (Workers’ Compensation)
How much does contractor insurance cost in NM?
Insurance companies consider various factors when determining the premium for each business. The cost to your company could be based on factors like:
- Choose the right kind of insurance
- Your business size (annual revenue).
- The number of people covered by the insurance policy
- Your claim history
- Select the coverage level you want.
How do I get general contractor business insurance in New Mexico?
BizInsure simplifies the process of protect the contracting company you work for.
In as little as 10 minutes, you can compare multiple quotes and choose the coverage that fits your budget and needs. Instantly receive your policy documents in your email.
Need some help with your project? Our licensed agents are happy to help at any stage along the way!
Compare multiple quotes and choose coverage for your New Mexico general contractor company.
Learn more about insurance for general contractors in the states where you work.
As with any insurance, coverage will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this guide is general only and should not be relied upon as advice. The number of quotes provided varies between products, occupations and other underwriting factors determined by the insurers.
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